THE GUIDE TO CHARGES BY BANKS,  
OTHER FINANCIAL AND NON-BANK  
FINANCIAL INSTITUTIONS  
JANUARY 1, 2020  
PREFACE  
The “Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions(the  
Guide) provides a basis for the application of charges on various products and services offered  
by Financial Institutions in Nigeria to their customers. This document applies to all financial  
institutions licensed and/or regulated by the Central Bank of Nigeria.  
The charges prescribed in the Guide were arrived at after extensive consultations with  
stakeholders. The intendment of the Guide is to enhance flexibility, transparency and  
competition in the Nigerian banking industry.  
Where a charge is stipulated as “negotiable”, financial institutions are required to draw the  
attention of customers to their rights to negotiate and the two parties are required to mutually  
agree on the applicable charge via a verifiable means.  
Although the Guide provides for charges on various products and services of financial  
institutions, it is not exhaustive. Financial Institutions are required to present any new product,  
service or charge not covered by this Guide to the Central Bank of Nigeria for prior written  
approval.  
A glossary of terms is provided to define/explain the terminologies used in the Guide.  
This Guide, which replaces the Guide to Charges by Banks and Other Financial Institutions issued  
in 2017, takes effect from January 1, 2020, and may be reviewed from time to time to reflect  
changes in the business environment.  
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TABLE OF CONTENTS  
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PART 1: ACCOUNTABILITY AND RESPONSIBILITY  
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i.  
ii.  
The Executive Compliance Officers (ECO) shall monitor compliance with the  
requirements of this Guide and shall be held liable for any breach.  
The Head, Information Technology Division shall ensure that the name of all system  
related/generated/posted charges shall conform strictly to this Guide.  
iii.  
The Head, Information Technology Division shall render monthly report attaching a  
schedule of all failed transactions on e-channels (ATM, PoS, mobile, web/internet and  
related channels) that originate or terminates in his bank, to the Director, Payments  
System Management and Consumer Protection Departments of the CBN  
iv.  
v.  
Details of all fees and charges applicable to a transaction shall be disclosed to the  
customer at the point of consummation (where applicable).  
Transaction receipt/alert/confirmation for any charge shall contain a description of the  
charge.  
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PART 2: BANKS  
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SECTION 1: INTEREST ON DEPOSITS  
DESCRIPTION  
RATE  
Current Account in Credit  
Balance  
1.1  
Negotiable1  
Minimum of 30% of MPR p.a. (not applicable if  
a customer makes more than 4 withdrawals in  
a month)  
1.2 Savings Account  
1.3 Term Deposit Accounts  
Domiciliary Accounts:  
Negotiable  
1.4 1.4.1  
Current Accounts  
Savings Accounts  
Negotiable2  
Negotiable3  
1.4.2  
Deposits held as collateral  
15.1 Naira Deposit  
Negotiable subject to minimum of 30% of MPR  
p.a.  
1.5  
1.5.2 Foreign Currency  
Deposit  
Negotiable  
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1 The responsibility for initiating the negotiation of interest shall be at the instance of the customer  
2 The responsibility for initiating the negotiation of interest shall be at the instance of the customer  
3 The responsibility for initiating the negotiation of interest shall be at the instance of the customer  
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SECTION 2: INTEREST RATES AND LENDING FEES  
DESCRIPTION  
Interest Rate[1]:  
RATE  
Negotiable (the rate should anchor MPR, reflecting  
the risk-based pricing model). Also, when a bank  
intends to introduce a new rate different from the  
agreed rate, the bank should notify its customers of  
the new rate at least 10 business days in advance  
of the application of the new rate.  
2.1.1 Local Currency Loans  
2.1.2 Mortgage Financing  
Negotiable  
2.1.3 Interest Rate - Foreign  
Currency Loans  
Negotiable  
Negotiable (the rate should anchor MPR, reflecting  
the risk-based pricing model). Also, when a bank  
intends to introduce a new rate different from the  
agreed rate, the bank should notify its customers of  
the new rate at least 10 business days in advance  
of the application of the new rate.  
2.1.4 Interest on Authorized  
OD  
2.1  
Not permissible except as a result of facility  
repayment (where it occurs, Penal Rate as  
provided in Section 2.1.9 shall apply)  
2.1.5 Unauthorized OD/Credit  
2.1.6 Drawing against  
Uncleared Effects  
Negotiable (the rate should anchor MPR, reflecting  
the risk-based pricing model).  
Negotiable (the rate should anchor MPR, reflecting  
the risk-based pricing model). Also, when a bank  
intends to introduce a new rate different from the  
agreed rate, the bank should notify its customers of  
the new rate at least 10 business days in advance  
of the application of the new rate.  
2.1.7 Equipment Leasing  
2.1.8 Discountable  
Instruments e.g. Usance bill,  
Bankers' Acceptance,  
Commercial Papers,  
Promissory Notes etc.  
Negotiable  
Page 8 of 75  
 
DESCRIPTION  
RATE  
Naira loans and advances: Maximum of 1% flat per  
month of unpaid amount in addition to charging  
current rate of interest on outstanding debt  
(without prejudice to the provisions of the  
2.1.9 Penal Rate4  
Prudential Guidelines on the limitation of accruals)  
Penal rate is in respect of past  
due loans & advances,  
including excess over  
authorized OD/credit limit  
(which may arise from 2.1.5)  
Foreign currency loans and advances: Maximum  
of 0.25% flat per month of unpaid amount in  
addition to charging current rate of interest on  
outstanding debt (without prejudice to the  
provisions of the Prudential Guidelines on the  
limitation of accruals).  
Lending Fees  
NB: Total lending fees shall  
not exceed 2 per cent  
2.2.1 Management Fee5  
covering processing,  
appraisal, ancillary and other  
related fees on a new loan  
application (one-off charge).  
Negotiable subject to maximum of 1% of the  
principal amount disbursed (one off charge).  
2.2  
2.2.2 Facility Enhancement  
Fee  
This fee applies when an  
additional amount is granted  
to a customer. Where this fee  
applies, management fee  
shall not apply.  
Negotiable subject to maximum of 1% of the  
additional amount disbursed (one-off charge).  
Negotiable, subject to a maximum of 0.5% of the  
outstanding amount being restructured (one off  
charge).  
2.2.3 Restructuring Fee  
(restructuring at the instance  
of customer)  
4 Seven (7) days grace period shall be allowed before penal charge shall be applied on the account. For  
the avoidance of doubt, there is no forbearance of penal charge for the duration of the grace period.  
5 Management fee is chargeable for all fresh requests and renewal of expired facilities. No charges for  
requests declined'  
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DESCRIPTION  
RATE  
Management fee is not  
applicable in the case of a  
restructured facility  
Negotiable, subject to a maximum of 1% on the  
undisbursed amount (one-off charge)  
2.2.4 Commitment Fee  
Charges for Consortium  
Lending  
2.3.1 Agency Fee  
Negotiable  
Negotiable subject to a maximum of 1% of  
principal amount (oneoff charge)  
2.3.2 Management Fee  
2.3  
2.3.3 Commitment/Non-  
Drawing Fee  
Negotiable subject to a maximum of 0.5% of the  
undisbursed amount (one-off charge)  
2.3.4 Commission Charges for  
Underwriting Services  
Negotiable  
2.6 Credit Reference Reports6  
Interbank Borrowing Rate:  
2.7 2.7.1 Overnight /Call money  
2.7.2 Tenured  
Cost recovery  
Negotiable  
Negotiable  
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6 This is applicable to only customer-induced credit reference reports. For loans granted, this cost would be part of  
the management fee and therefore, the customer should not be charged. For credits not granted as a result of  
negative credit report, full cost recovery should be borne by the customer.  
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SECTION 3: CURRENT ACCOUNT MAINTENANCE FEE  
DESCRIPTION  
RATE  
Current Account  
Maintenance Fee (CAMF):  
Applicable to current  
accounts ONLY in respect of  
customer-induced debit  
transactions to third parties  
and debit  
3.1  
Negotiable subject to a maximum of N1 per mille  
transfers/lodgments to the  
customer’s account in  
another bank. Note that  
CAMF is not applicable to  
Savings Accounts  
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SECTION 4: COMMISSION ON BONDS GUARANTEES &  
INDEMNITIES, ETC.  
DESCRIPTION  
RATE  
Negotiable subject to a maximum of 1% of the Bond  
value for the first year and 0.5% on subsequent years  
on contingent liabilities  
Bid bond/TenderSecurity/Bid  
Security  
4.1  
4.2  
Performance Bond  
(chargeable from date of  
contingent liability)7  
Negotiable subject to a maximum of 1% of the Bond  
value for the first year and 0.5% on subsequent years  
on contingent liabilities  
Negotiable subject to a maximum of 1% of the APG  
value for the first year and 0.5% on subsequent years  
on contingent liabilities  
Advance Payment  
Guarantee (APG)  
4.3  
4.4  
(chargeable from date of  
contingent liability)  
Note: Fees shall be charged based on the value of  
advance payment received by the bank  
To be discouraged However, negotiable for non-  
clearing financial institutions e.g. Micro-finance  
banks,  
Third-party Cheque  
Indemnities  
Negotiable subject to a maximum of 1% of the  
Guarantee value for the first year and 0.5% on  
subsequent years on contingent liabilities  
4.5  
4.6  
Bank Guarantee  
Negotiable subject to a maximum of 1% of the value  
for the first year and 0.5% on subsequent years on  
contingent liabilities  
Other Bonds, Guarantees and  
Indemnities  
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7 Chargeable date refers to the date that the amount is received. Where a Guarantee involves the receipt of funds  
from a third party, the contingent liability is deemed to arise on the date of receipt and charges based on the  
amount received  
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SECTION 5: FOREIGN EXCHANGE COMMISSION/CHARGES  
DESCRIPTION  
RATE  
Purchases:  
5.1  
5.2  
5.3  
Purchases from CBN  
Inter-bank Purchases  
As may be advised by the CBN.  
As may be advised by the CBN  
No charge  
Inward Telegraphic/SWIFT  
and other transfers  
expressed in foreign  
currency  
5.4  
5.5  
Travelers Cheques  
As may be advised by the CBN  
Foreign Currency Purchases Interbank foreign exchange bid rate  
from customers  
Sales:  
5.6  
Outward Telegraphic/SWIFT  
and other transfers  
Swift cost recovery, 0.5% commission on transfer  
plus associated offshore bank charges (where  
applicable)  
5.7  
5.8  
Foreign Currency Sales to  
Customers  
As may be advised by the CBN  
Commission on Withdrawals 0.05% of transaction value or $10, whichever is  
from Domiciliary Accounts  
(whether savings or current  
account)  
lower  
5.9  
Foreign Draft Purchase  
0.1% of the value of the cheque plus offshore  
charges  
5.10  
Collection Charge on  
Cheques  
1% of cheque value or Naira equivalent of US $10,  
whichever is lower  
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SECTION 6: BILLS FOR COLLECTION  
DESCRIPTION  
RATE  
Bills for Collection (Inward)  
Collection:  
6.1.1 Commission on Bills for  
Collection  
Negotiable subject to a maximum of 0.5% of the bill  
value  
6.1  
6.2  
6.1.2 Postage (where  
applicable)  
Actual cost of postage  
6.1.3 Communication  
Charge (where applicable)  
Actual cost of communication  
Holding Charges after Non-  
Payment, Chargeable One  
Month after Due Date  
N5,000 per month  
Extension Charges for Sight  
Bills altered to Tenured  
(usance) Bills  
6.3  
6.4  
N3,000 plus cost of SWIFT  
Protest Charges plus Notary  
Public Fees  
Cost of postage, (chargeable only where the  
agreement specifies that the customer will pay)  
Bills for Collection (Outward)  
Collection Commission:  
Commission on Bills for  
Collection  
Bills for Collection –  
Negotiation  
Negotiable subject to a maximum of 0.5% of the  
face value of the bill  
6.5  
6.6  
Negotiable  
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SECTION 7: STRAIGHT FORWARD HANDLING OF DOCUMENTS  
DESCRIPTION  
Export Documents Delivery  
Import Documents:  
7.2.1 Delivery  
RATE  
Negotiable subject to a maximum of N5,000 plus  
cost of courier  
7.1  
Negotiable subject to a maximum of N5,000 plus  
cost of courier  
7.2  
7.2.2 Bills for Collection  
against Acceptance  
Negotiable subject to a maximum of N5,000 plus  
cost of courier  
7.2.3 Bills for Collection  
against Payment  
Cost of courier  
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SECTION 8: INWARD AND OUTWARD LETTERS OF CREDIT  
DESCRIPTION  
RATE  
Inward Letters of Credit (Export)  
Processing and Registration  
of Nigerian Export (NXP)  
Form  
N3,000 in addition to maintenance fee on Form  
NXP as advised by the CBN.  
8.1  
8.2  
Advising Commission:  
8.2.1 Where a Nigerian bank  
simply verifies authenticity of  
the Credit and delivers  
same.  
N5,000 flat  
8.2.2 Where a Nigerian bank  
has to rewrite the Credit at  
the instance of the  
0.05% of the value, subject to a minimum of Naira  
equivalent of US $25  
customer  
Commission on  
Confirmation of LC  
Minimum of N5,000 subject to a maximum of 0.5% of  
the face value.  
8.3  
8.4  
Letter of Credit - Negotiation Negotiable  
Outward Letters of Credit (Import)  
N3,000 in addition to maintenance fee on Form  
NXP as advised by the CBN.  
8.5  
8.6  
8.7  
Purchase of Form A  
Form M:  
N3,000 in addition to maintenance fee on Form  
NXP as advised by the CBN.  
8.6.1 Processing  
8.6.2 Amendment  
Negotiable subject to a maximum of N5,000  
Negotiable subject to a maximum of N5,000  
8.6.3 Revalidation/  
Extensions  
LC Establishment  
Commission  
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DESCRIPTION  
RATE  
8.7.1 For credits up to 180  
days  
1% of face value  
8.7.2 For credits up to 270  
days  
1.25% of face value  
8.7.3 For credits up to 360  
days (these charges are on  
the period of validity of the  
credit)  
1.5% of face value  
Renewal and Extension in  
the LC value:  
8.8  
Commission on applicable LC establishment as  
specified in 8.7  
8.8.1 Renewals  
8.8.2 Extensions  
N5,000.00 flat  
Additional establishment commission should be  
charged on the amount of any increase for the  
unexpired period of validity of credit (in line 8.7  
above)  
Increases or Enhancements  
in the LC value:  
8.9  
Amendment of LC at the  
Instance of the Customer  
8.10  
N2,000 per application  
Usance Bill under Credit  
Guarantee Commissions:  
8.11.1 Where the bill is less  
than one year  
8.11  
N3 per mille per month  
8.11.2 Where the bill  
exceeds one year  
N5 per mille per month  
Pre-Arrival Assessment  
Report (PAAR)  
8.12  
8.13  
N2,500 flat irrespective of payment mode  
N3,000 in addition to maintenance fee on Form  
NCX as advised by the CBN.  
Processing of Form NCX  
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SECTION 9: INTERNAL TRANSACTIONS (WITHIN NIGERIA)  
DESCRIPTION  
Bank Drafts  
RATE  
Current Account: - N300  
9.1  
9.2  
9.1.1 Customer  
Savings Account: - N500  
N500 + 0.1% of Draft value  
No charge  
9.1.2 Non-Customer  
Draft Repurchase  
Charge paid by non-  
account holders for  
initiating cash transactions  
(e.g. local money transfer,  
Prepaid Card loading),  
subject to maximum daily  
limit of N20,000  
N200 flat. However, banks are enjoined to  
undertake KYC on such customers.  
9.3  
9.4  
9.5  
Cash Handling charge  
As may be advised by the CBN  
Negotiable  
Special Clearing of  
Cheques  
Standing Order Charge (In-  
Branch) at the instance of  
the Customer  
(a) Intra-bank No charge  
9.6  
9.7  
(b) maximum of N50 per transaction  
Direct Debit  
9.7.1 Direct Debit Charge  
Same as the cost of platform used  
9.7.2.1 Due to reasons other than the account  
being unfunded) - No charge  
9.7.2 Failed Direct Debit  
9.7.2.2 Due to the account being unfunded - 1% of  
amount or N5,000 whichever is higher (to be borne  
by drawer only).  
9.8  
9.9  
Safe Custody  
Negotiable  
Stopped Cheques  
N500 per order  
9.10  
a. Processing fee N100 flat  
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DESCRIPTION  
RATE  
b. Custodian fee in line with extant Guidelines on  
Custodianship on Money Market and Other Fixed  
Income Instruments (applicable on Treasury bills  
purchase)  
Purchase/Sale of Treasury  
Bills for Customers  
(c) Settlement of trade via S4 Cost recovery  
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SECTION 10: ELECTRONIC BANKING  
DESCRIPTION  
RATE  
Internet Banking:  
Cost recovery subject to a maximum charge of  
N2,500.  
10.1.1 Hardware Token  
No charge.  
10.1.2 Software Token One  
However, where the OTP is sent to the customer via  
SMS, charges will be on cost recovery basis.  
Time Password (OTP)  
10.1  
Cost recovery subject to a maximum of N2,500.  
10.1.3 Hardware Token  
replacement  
(Customer to bear cost only in the event of physical  
damage, loss of token or replacement after  
expiration)  
10.1.4 Bills Payment  
(Including Bills Payment  
through other E-channels)  
Negotiable subject to a maximum of N500per  
beneficiary payable by the sender  
Below N5,000 N10  
N5,001 - N50,000 N25  
Above N50,000 N50  
Electronic Funds Transfer:  
10.2  
10.3  
RTGS  
N950  
Card Maintenance Fee  
10.4.1 Foreign Currency  
Denominated Debit/Credit  
Cards  
$10 p.a. (or its equivalent)  
10.4  
Cards linked to current account- No charge  
10.4.2 Naira Debit/Credit  
Card  
Cards linked to savings accounts- maximum of N50  
quarterly maintenance fee  
Credit Card Charges:  
N1,000 (one-off charge). The same charge applies  
irrespective of card type (i.e. regular or premium  
card)  
10.5  
10.5.1 Issuance Fee  
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DESCRIPTION  
RATE  
10.5.2 Replacement Fee (at  
customer’s instance for lost  
or damaged cards)  
N1,000 (one-off charge). The same charge applies  
irrespective of card type (i.e. regular or premium  
card)  
N1,000 (one-off charge). The same charge applies  
irrespective of card type (i.e. regular or premium  
card)  
10.5.3 Renewal Fee (upon  
expiry of existing cards)  
10.5.4 Interest Charges  
Negotiable  
Debit Card Charges:  
N1,000 (one-off charge). The same charge applies  
irrespective of card type (i.e. regular or premium  
card)  
10.6.1 Issuance Fee  
10.6.2 Remote-On-Us (from  
maximum of N35 after the third withdrawal within  
other bank's ATM) in Nigeria. the same month  
10.6.2 Replacement Fee (at  
customer’s instance for lost  
or damaged cards)  
N1,000 (one-off charge). The same charge applies  
irrespective of card type (i.e. regular or premium  
card)  
10.6  
10.6.3 Renewal Fee (upon  
expiry of existing cards)  
N1,000 (one-off charge). The same charge applies  
irrespective of card type (i.e. regular or premium  
card)  
10.6.4 Prepaid Card  
Loading/Unloading  
No charge  
ATM Transactions:  
10.7.1 On-Us (withdrawal  
from issuing bank's ATM)  
No charge  
10.7  
10.7.2 Not On-Us (withdrawal  
from other bank's ATM) in  
Nigeria.  
N35 after the third withdrawal within the same  
month  
10.7.3 International  
Withdrawals (per  
Exact cost by international acquirer (cost recovery)  
Page 21 of 75  
DESCRIPTION  
RATE  
transaction) whether  
debit/credit card  
Merchant Service  
Commission (MSC)  
0.50% of transaction value but not more than  
N1,000  
General Merchant  
(Including Domestic,  
International Travels and  
Entertainment)  
10.8  
10.9  
Bulk Payments (e.g. Salaries, Negotiable subject to a maximum of N15 per  
Dividends etc)  
beneficiary payable by the sender  
Transaction Alerts  
10.10.1 SMS alert  
(Mandatory)  
However, where a customer  
opts not to receive SMS  
alert, the customer should  
issue an indemnity (for losses  
that may arise as a result) to  
the bank.  
Cost recovery (on customer-induced transactions)  
No charge (for bank-induced transactions)  
10.10  
10.10.2 Email notification  
No charge  
10.11 PIN Reissue  
10.12 PIN Reset  
No charge  
No charge  
10.13  
Use of Unstructured  
Supplementary Service Data Current NIP charges apply  
(USSD)  
N100 per N20,000 subject to cumulative N60,000  
daily withdrawal  
10.14 Purchase with cash-back  
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Page 22 of 75  
SECTION 11: MISCELLANEOUS  
DESCRIPTION  
RATE  
11.1  
11.2  
Reactivation of Accounts  
No charge  
No charge  
Closure of Account  
(savings, current, or  
domiciliary)  
Exact Premium (customer to choose from a list of at  
least 3 insurance companies to be recommended  
by the bank)  
Insurance Premium paid  
on behalf of customers  
11.3  
Issuance of Statement of  
Account:  
11.4.1 Mandatory Monthly  
Issuance of Statement of  
Account on Current and  
Savings Accounts  
No charge  
11.4  
11.4.2 Special Request for  
Statement of Account  
(request in a manner other Maximum of N20 per page  
than agreed on  
mandatory issuance  
Returned Cheques:  
11.5.1 Due to reasons  
other than the account  
being unfunded  
No charge  
11.5  
11.6  
1% of amount or N5,000 whichever is higher (to be  
borne by drawer only). This is without prejudice to  
the Dud Cheque Act  
11.5.2 Due to the account  
being unfunded  
Business Visit Initiated by  
Customer:  
11.6.1 Local  
No charge  
Negotiable  
11.6.2 Foreign  
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DESCRIPTION  
RATE  
Status Enquiry at the  
Request of Customer  
11.7  
11.8  
N500 per request  
No charge  
Letter of Discharge for  
Facilities Repaid by  
Customer  
Verification of Customers’  
Documents with  
Government Agencies:  
11.9.1 Search at  
Corporate Affairs  
Commission (CAC), land  
registry, legal search etc.  
Cost recovery  
11.9  
11.9.2 Obtaining Certified  
True Copy (CTC)  
Cost recovery  
Cost recovery  
11.9.3 Perfection of  
Security for Credit Facilities.  
Confirmation of Overseas  
Enquiries to Correspondent  
Bank at the Instance of the  
Customer  
11.10  
11.11  
N500 plus Cost of Postage (if applicable)  
Intermediation Fees for  
Commercial Papers (to be Negotiable  
borne by the issuer)  
Issuance of Withdrawal  
No charge  
11.12  
11.13  
Booklet/Passbook  
Customized Deposit  
Cost Recovery  
Booklet  
Over-the-counter Cash  
Withdrawals below the limit  
11.14  
set by the CBN cash  
withdrawal/lodgment  
policy  
No charge  
Page 24 of 75  
DESCRIPTION  
Intra-bank Cash  
RATE  
Deposits/withdrawals  
within limits approved by  
the CBN  
11.15  
No charge  
Cost of Cheque Books  
11.16.1 Cheque Books  
Cost recovery  
N50 per leaflet  
11.16  
11.17  
11.16.2 Counter Cheque  
Negotiable (only applies where there is a written  
advisory/consultancy agreement between the  
bank and the customer)  
Advisory/Consultancy fee  
Cashless Policy  
Cash deposit - 2% for transactions above N500,000  
11.18.1 Individual  
11.18.2 Corporate  
Cash withrawal - 3% for transactions above  
N500,000  
11.18  
Cash deposit - 3% for transactions above N3,000,000  
Cash withrawal - 5% for transactions above  
N3,000,000  
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Page 25 of 75  
SECTION 12: SANCTIONS  
i.  
Financial Institutions are to note that any breach of the provisions of this Guide carries a  
penalty of N 2,000,000 per infraction or as may be determined by the CBN from time to  
time.  
ii.  
Where a bank is found to have wrongfully imposed a particular charge on its customers,  
the provision of Section (i) above shall apply for the charge on each customer.  
iii.  
Failure to comply with CBN’s directive in respect of any infraction shall attract a further  
penalty of N2,000,000 daily until the directive is complied with or as may be determined  
by the CBN from time to time.  
iv.  
v.  
Banks are required to log every complaint received from their customers into the  
Consumer Complaints Management System (CCMS) and must generate a unique  
reference code for each complaint lodged, which must be given to the customer. Failure  
to log and provide the code to the customer amounts to a breach and is sanctionable  
with a penalty of N1,000,000 per breach.  
A penalty of N100,000 shall be imposed on a financial institution that contravenes the  
provisions of Part 6C.  
Page 26 of 75  
 
PART 2:  
OTHER FINANCIAL INSTITUTIONS  
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Page 27 of 75  
 
PART 2 (A): MICRO-FINANCE BANKS  
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Page 28 of 75  
 
SECTION 1: INTEREST ON DEPOSITS  
DESCRIPTION  
RATE  
1.1  
1.2  
Current Accounts  
Savings Accounts  
Negotiable1  
Minimum of 30% of MPR p.a. (not applicable if a  
customer makes more than 4 withdrawals in a month)  
1.3  
Term Deposit Accounts  
Negotiable  
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1 The responsibility for initiating the negotiation of interest shall be at the instance of the customer  
Page 29 of 75  
 
SECTION 2: INTEREST RATES AND LENDING FEES  
DESCRIPTION  
RATE  
INTEREST RATES  
Interest Rate on loans,  
authorized overdrafts and  
other advances/facilities2  
Negotiable  
Note that when there is a  
change in the agreed rate,  
the customer must be  
notified within 5 business  
days in advance of  
2.1  
2.2  
application of the new rate.  
Not permissible except overdraft occasioned by loan  
and advances repayment and interest. Where this  
occurs, Penal Rate, as in 2.5 below, shall apply  
Unauthorized Overdraft  
Drawing against Uncleared  
Effects  
Micro  
Leasing/Microfinance-  
related Hire purchase  
Penal Rate3 for late  
repayment of loans,  
authorized overdrafts,  
micro leases,  
2.3  
2.4  
Negotiable  
Negotiable  
Maximum of 1% flat per month on unpaid amount in  
addition to charging current rate of interest on  
2.5  
microfinance-related hire  
purchase and other  
advances/facilities,  
including unauthorized  
overdraft as in 2.2 above.  
outstanding debt (without prejudice to the provisions of  
the Prudential Guidelines on the limitation of accruals)  
Lending Fees  
2 Three (3) days from the date of execution, shall be allowed within which the contract may be rescinded  
provided no draw down has been made  
3 Three (3) days grace period shall be allowed before penal charge shall be applied on the  
account. For the avoidance of doubt, there is no forbearance of penal charge for the duration  
of the grace period.  
Page 30 of 75  
 
DESCRIPTION  
RATE  
Management Fee4  
covering processing,  
appraisal, ancillary and  
other related fees on a new amount disbursed (one off charge).  
loan application (one-off  
charge).  
Negotiable subject to maximum of 1% of the principal  
2.6  
2.7  
Negotiable subject to maximum of 1% of the additional  
amount disbursed (one off charge). Where this fee  
applies, management fee shall not apply.  
Facility Enhancement Fee  
Restructuring Fee  
(Restructuring at the  
instance of customer)  
Negotiable, subject to a maximum of 0.50% on the  
outstanding amount being restructured (one off  
charge).  
2.8  
2.9  
Management fee is not  
applicable in the case of a  
restructured facility  
Commitment Fee  
A fee charged by a  
financial institution for an  
undisbursed facility in order undisbursed amount (one-off charge)  
Negotiable, subject to a maximum of 1% of the  
to keep the line of credit  
open  
2.10 Credit Reference Reports5  
Cost recovery  
Charges for Consortium  
Lending  
2.11  
2.11.1 Agency Fee  
Negotiable  
Negotiable subject to a maximum of 1% of principal  
amount (Oneoff charge)'  
2.11.2 Management Fee  
Negotiable subject to a maximum of 0.5% of the  
undisbursed amount  
(one-off charge)  
2.11.3 Commitment/Non-  
Drawing Fee  
4 Management fee is chargeable for all fresh requests and renewals of expired facilities. No charges for  
requests declined'  
5 This is applicable to only customer-induced credit reference reports. For loans granted, this cost would be  
part of the management fee and therefore, the customer should not be charged. For credits not granted  
as a result of negative credit report, full cost recovery should be borne by the customer.  
Page 31 of 75  
DESCRIPTION  
RATE  
2.11.4 Commission Charges  
for Underwriting Services  
Negotiable  
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Page 32 of 75  
SECTION 3: CURRENT ACCOUNT MAINTENANCE FEE  
DESCRIPTION  
RATE  
Current Account  
Maintenance Fee:  
Current Account  
Maintenance Fee –  
applicable to current  
accounts ONLY in respect  
of customer-induced  
debit transactions to third  
parties and debit  
3.1  
Negotiable subject to a maximum of N1 per mille  
transfers/lodgments to the  
customer’s account in  
another bank. Note that  
CAMF is not applicable to  
Savings Accounts  
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Page 33 of 75  
 
SECTION 4: COMMISSION ON GUARANTEES &  
INDEMNITIES  
DESCRIPTION  
RATE  
Negotiable subject to a maximum of 1% of the APG  
value for the first year and 0.5% on subsequent  
years on contingent liabilities  
Advance Payment  
Guarantee (APG)  
4.1  
4.2  
Note: Fees shall be charged based on the value of  
advance payment received by the bank  
Negotiable subject to a maximum of 1% of the  
value for the first year and 0.5% on subsequent  
years on contingent liabilities  
Guarantees and Indemnities  
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Page 34 of 75  
 
SECTION 5: INTERNAL TRANSACTIONS (WITHIN NIGERIA)  
DESCRIPTION  
Bank Drafts  
5.1.1 Customer  
RATE  
5.1  
5.2  
N350  
N550  
5.1.2 Non-Customer  
Draft Repurchase  
No charge  
Charges paid by Non-account  
Holders for initiating Cash  
Transactions  
5.3  
(e.g. local money transfer,  
Prepaid Card loading).  
This is subject to a maximum  
daily limit of N20,000  
Correspondent bank's charge plus N50  
5.4  
5.5  
Cash Handling Charge  
As may be advised by CBN  
Negotiable  
Special Clearing of Cheques  
Standing Order Charge (In-  
Branch) at the instance of the  
customer  
5.6  
5.6.1 Intra-bank  
No charge  
5.6.2 Inter- bank  
Direct Debit  
Safe Custody  
N15 per transaction  
Correspondent bank's charge plus N50  
Negotiable  
5.7  
5.8  
5.9  
Stopped cheques  
N500 per order  
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Page 35 of 75  
 
SECTION 6: ELECTRONIC BANKING  
DESCRIPTION  
RATE  
Internet Banking Token:  
Cost recovery subject to a maximum charge of  
N2,500.  
6.1.1 Hardware Token  
No charge.  
6.1  
6.1.2 Software Token (OTP)  
However, where the OTP is sent to the customer via  
SMS, charges will be on cost recovery basis.  
Cost recovery subject to a maximum of N2,500  
(Customer to bear cost only in the event of physical  
damage, loss of token or replacement after  
expiration)  
6.1.3 Hardware Token  
Replacement  
Transfers within Nigeria:  
6.2.1 Intra-bank  
6.2.2 Inter-bank  
6.2.3 Transfers to Non-account  
Holders, subject to Tiered-KYC  
requirements  
No charge  
Correspondent bank's charge plus N50  
6.2  
6.3  
Correspondent bank's charge plus N50  
Below N5,000 N10  
N5,001 - N50,000 N25  
Above N50,000 N50  
Electronic Funds Transfer (on  
customer’s Electronic Device)  
6.4  
6.5  
Bills Payment  
Negotiable subject to a maximum of N100  
Current NIP charges apply  
Usage of USSD Code for  
Transactions  
Naira Debit Card Charges:  
N1,000 (one-off charge. The same charge applies  
irrespective of card type (i.e. regular or premium  
card)  
6.6  
6.6.1 Issuance Fee  
6.6.2 Replacement Fee (at  
customer’s instance for lost or  
damaged cards cards)  
N1,000 (one-off charge). The same charge applies  
irrespective of card type (i.e. regular or premium  
card)  
N1,000 (one-off charge). The same charge applies  
irrespective of card type (i.e. regular or premium  
card)  
6.6.3 Renewal Fee (upon expiry  
of existing cards)  
Page 36 of 75  
 
DESCRIPTION  
RATE  
6.6.4 ATM Bills Payment  
N50  
6.6.5 Debit Card Maintenance  
Fee  
No charge  
6.6.6 Prepaid Card  
Loading/Unloading  
No charge  
ATM Transactions:  
6.7  
6.7.1 (withdrawal from issuing  
bank's ATM)  
No charge  
6.7.2 Not On-Us (withdrawal  
from other bank's ATM)  
N35 after the third withdrawal within the same  
month  
6.7.3 On Approved  
Independent ATMs  
No charge  
Merchant Service Commission  
(MSC)  
6.8  
0.50% of transaction value but not more than N1,000  
General Merchant (Including  
Domestic, International Travels  
and Entertainment)  
Bulk Payments (e.g. Salaries,  
Dividends etc):  
Negotiable subject to a maximum of N50 per  
beneficiary payable by the sender  
6.9  
Transaction Alert  
6.10.1 SMS Alert (Mandatory)  
6.10  
However, where a customer  
opts not to receive sms alert, the  
customer should issue an  
Cost recovery (on customer-induced transactions)  
No charge (for bank-induced transactions)  
indemnity (for losses that may  
arise as a result) to the bank.  
6.10.2 Email Notification  
No charge  
Use of Unstructured  
6.11 Supplementary Service Data  
Current NIP charges apply  
(USSD)  
Page 37 of 75  
DESCRIPTION  
RATE  
N100 per N20,000 subject to cumulative N60,000  
daily withdrawal  
Purchase with cash-back  
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Page 38 of 75  
SECTION 7: MISCELLANEOUS  
DESCRIPTION  
RATE  
7.1  
7.2  
7.3  
7.4  
PIN Reissue  
N100  
PIN Reset  
No charge  
No charge  
No charge  
Reactivation of Accounts  
Closure of Accounts  
Exact Premium (customer to choose from a list of at  
least 3 insurance companies to be recommended  
by the bank)  
Insurance Premium paid on  
behalf of customers  
7.5  
Issuance of Statement of  
Account:  
7.6.1 Mandatory monthly  
issuance of statement of  
account on current and savings  
accounts.  
MFB and customer should  
agree on mode of transmission  
of statement (pick options from  
uniform account opening form)  
No charge  
7.6  
7.6.2 Special request for  
Maximum of N20 per page  
No charge  
statement of account (request  
in a manner other than agreed  
on mandatory issuance)  
7.7  
7.8  
Business Visit  
Status Enquiry at the Request of  
Customer (e.g. Confirmation  
Letter, Embassy Letter,  
Reference Letter, Letter of  
Indebtedness/Non-  
N500 per request  
indebtedness etc.)  
Verification of Customers’  
Documents with Government  
Agencies:  
7.9  
Page 39 of 75  
 
DESCRIPTION  
RATE  
7.9.1 Search at Corporate  
Affairs Commission (CAC), land Cost recovery  
registry, Legal Search, etc.  
7.9.2 Obtaining Certified True  
Cost recovery  
Copy (CTC)  
7.9.3 Perfection of Security for  
Credit Facilities, Deed of  
Assignment, Deed of Release  
Cost recovery  
etc.  
Issuance of Withdrawal  
No charge  
7.10  
Booklet/Passbook  
7.11 Customized Deposit Booklet  
Cost Recovery  
No charge  
Over-the-counter Cash  
Withdrawals below the limit set  
by the CBN cash  
7.12  
withdrawal/lodgment policy  
Intra-bank Cash  
7.13 Deposits/withdrawals within  
limits approved by the CBN  
No charge  
Cost of Cheque Books:  
7.14 7.14.1 Cheque Books  
7.14.2 Counter Cheque  
Cost recovery  
N50 per leaflet  
Negotiable. But only applies where there is a written  
advisory/consultancy agreement between the bank  
and the customer  
7.15 Advisory/Consultancy fee  
7.16 Cashless Policy  
Cash deposit - 2% for transactions above N500,000  
11.18.1 Individual  
11.18.2 Corporate  
Cash withdrawal - 3% for transactions above  
N500,000  
Cash deposit - 3% for transactions above N3,000,000  
Page 40 of 75  
DESCRIPTION  
RATE  
Cash withrawal - 5% for transactions above  
N3,000,000  
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Page 41 of 75  
PART 2 (B): PRIMARY MORTGAGE BANKS  
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Page 42 of 75  
 
SECTION 1: INTEREST ON DEPOSITS  
DESCRIPTION  
RATE  
Current Accounts (Mortgage-  
focused)  
1.1  
Negotiable1  
Minimum of 30% of MPR p.a. (not applicable if a  
customer makes more than 4 withdrawals in a  
month)  
1.2  
1.3  
Savings Accounts  
Term Deposit Accounts  
Negotiable  
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1 The responsibility for initiating the negotiation of interest shall be at the instance of the customer  
Page 43 of 75  
 
SECTION 2: INTEREST RATES AND LENDING FEES  
DESCRIPTION  
Interest Rate on:  
RATE  
6% per annum as prescribed for NHF loans (No  
additional interest is allowed).  
Note that the 6% is shared as follows:  
Contributors: 2%  
2.1.1 NHF Loan  
FMBN: 2%  
PMB: 2%  
2.1  
2.1.2 Real Estate Construction  
Finance  
Negotiable  
Negotiable  
2.1.3 Mortgage Finance  
Lending Fees  
2.2.1 Management Fee2  
covering processing, appraisal,  
ancillary and other related fees  
on a new loan application (one-  
off charge).  
Negotiable subject to maximum of 1% of the  
principal amount disbursed (one off charge).  
2.2.2 Facility Enhancement Fee  
Negotiable subject to maximum of 1% of the  
additional amount disbursed (one off charge).  
Where this fee applies,  
management fee shall not  
apply  
2.2  
2.2.3 Restructuring Fee  
(Restructuring at the instance of  
customer)  
Negotiable, subject to a maximum of 0.50% on the  
outstanding amount being restructured (one off  
Where restructuring fee applies, charge).  
management fee shall not  
apply)  
2 Management fee is Chargeable for all fresh requests and renewals of expired facilities. No charges for  
requests declined'  
Page 44 of 75  
 
DESCRIPTION  
RATE  
Maximum of 1% flat per month on unpaid amount in  
addition to charging current rate of interest on  
outstanding debt (without prejudice to the provisions  
of the Prudential Guidelines on the limitation of  
accruals)  
2.2.4 Penal Rate for Late  
Repayment of Loans3  
2.2.5 Commitment Fee: A fee  
charged by a financial  
institution for an undisbursed  
facility in order to keep the line  
of credit open  
Negotiable, subject to a maximum of 1% of the  
undisbursed amount (one-off charge)  
2.3  
2.4  
Credit Reference Reports4  
Charges for Consortium Lending  
2.4.1 Agency Fee  
Cost recovery  
Negotiable  
Negotiable subject to a maximum of 1% of principal  
amount (oneoff charge)'  
2.4.2 Management Fee  
2.4.3 Commitment/Non-Drawing Negotiable subject to a maximum of 0.5% of the  
Fee  
undisbursed amount  
2.4.4 Commission Charges for  
Underwriting Services  
Negotiable  
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3 Seven (7) days grace period shall be allowed before penal charge shall be applied on the  
account. For the avoidance of doubt, there is no forbearance of penal charge for the duration  
of the grace period.  
4 This is applicable to only customer-induced credit reference reports. For loans granted, this cost would be  
part of the management fee and therefore, the customer should not be charged. For credits not granted  
as a result of negative credit report, full cost recovery should be borne by the customer.  
Page 45 of 75  
SECTION 3: CURRENT ACCOUNT MAINTENANCE FEE  
DESCRIPTION  
RATE  
Current Account Maintenance  
Fee (CAMF):  
Applicable to current accounts  
ONLY in respect of customer-  
induced debit transactions to  
third parties and debit  
3.1  
Negotiable subject to a maximum of N1 per mille  
transfers/lodgments to the  
customer’s account in another  
bank. Note that CAMF is not  
applicable to Savings Accounts  
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Page 46 of 75  
 
SECTION 4: ELECTRONIC BANKING  
DESCRIPTION  
RATE  
Internet Banking:  
Cost recovery subject to a maximum charge of  
N2,500.  
4.1.1 Hardware Token  
No charge.  
4.1.2 Software Token One Time  
However, where the OTP is sent to the customer via  
SMS, charges will be on cost recovery basis.  
Password (OTP)  
4.1  
Cost recovery subject to a maximum of N2,500  
(Customer to bear cost only in the event of physical  
damage, loss of token or replacement after  
expiration)  
4.1.3 Hardware Token  
Replacement  
4.1.4 Bills Payment (Including Bills  
Payment through other E-  
channels)  
Negotiable subject to a maximum of N100  
Below N5,000 N10  
N5,001 - N50,000 N25  
Above N50,000 N50  
4.2  
Electronic Funds Transfer:  
4.3  
4.4  
RTGS  
N950  
Naira Annual Debit/Credit Card  
Maintenance Fee  
No charge  
Credit Card Charges:  
4.5.1 Interest Charges  
Negotiable  
4.5  
4.5.2 International Withdrawals  
(per transaction)  
Exact cost by international acquirer (Cost Recovery)  
Debit Card Charges:  
N1,000 (one-off charge). The same charge applies  
irrespective of card type (i.e. regular or premium  
card)  
4.6.1 Issuance Fee  
4.6.2 Replacement Fee (at  
customer’s instance for lost or  
damaged cards)  
N1,000 (one-off charge). The same charge applies  
irrespective of card type (i.e. regular or premium  
card)  
4.6  
N1,000 (one-off charge). The same charge applies  
irrespective of card type (i.e. regular or premium  
card)  
4.6.3 Renewal Fee (upon expiry  
of existing cards)  
Page 47 of 75  
 
DESCRIPTION  
RATE  
4.6.4 International Withdrawals  
(per transaction)  
Exact cost by international acquirer (Cost Recovery)  
No charge  
4.6.5 Prepaid Card  
Loading/Unloading  
ATM Transactions:  
4.7.1 On-Us (withdrawal from  
issuing bank's ATM)  
No charge  
4.7  
4.7.2 Not On-Us (withdrawal  
from other bank's ATM)  
N40 after the third withdrawal within the same  
month  
Merchant Service Commission  
(MSC)  
General Merchant (Including  
Domestic, International travels  
and Entertainment)  
4.8  
4.9  
0.50% of transaction value but not more than N1,000  
Bulk Payments (e.g. Salaries,  
Dividends etc.):  
Negotiable subject to a maximum of N50 per  
beneficiary payable by the sender  
Transaction Alert  
4.9.1 Mandatory SMS alert.  
(Where a customer opts not to  
receive sms alert, the customer  
should indemnify the bank  
against any loss that may result  
from the customer’s decision  
not to receive sms alert).  
Cost recovery (on customer-induced transactions)  
No charge (for bank-induced transactions)  
4.10  
4.9.2 Email notification  
No charge  
No charge  
No charge  
4.11  
4.12  
PIN Reissue  
PIN Reset  
4.13  
Use of Unstructured  
Supplementary Service Data  
(USSD)  
Current NIP charges apply  
Page 48 of 75  
DESCRIPTION  
RATE  
N100 per N20,000 subject to cumulative N60,000  
daily withdrawal  
Purchase with cash-back  
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Page 49 of 75  
SECTION 5: MISCELLANEOUS  
DESCRIPTION  
RATE  
5.1  
5.2  
Reactivation of Accounts  
Closure of Accounts  
No charge  
No charge  
Exact Premium  
Insurance Premium paid on  
behalf of customers  
(Customer to choose from a list of at least 3  
insurance companies to be recommended by the  
bank)  
5.3  
Issuance of Statement of  
Account:  
5.4.1 Mandatory monthly  
issuance of statement of  
account on current and savings  
accounts.  
PMB and customer should  
agree on mode of transmission  
of statement (pick options from  
uniform account opening form)  
No charge  
5.4  
5.4.2 Special request for  
statement of account (request  
in a manner other than agreed  
on mandatory issuance)  
Maximum of N50 per page  
5.5  
5.6  
Reimbursement for Business Visit No charge  
Status Enquiry at the Request of  
Customer (e.g. Confirmation  
Letter, Embassy Letter,  
N500 per request.  
Reference Letter, Letter of  
Indebtedness/Non-  
indebtedness etc.)  
Verification of Customers’  
Documents with Government  
Agencies:  
5.7  
Page 50 of 75  
 
DESCRIPTION  
RATE  
5.7.1 Search at Corporate Affairs  
Commission (CAC), land  
registry, Legal Search, etc.  
Cost recovery  
Cost recovery  
5.7.2 Obtaining Certified True  
Copy (CTC)  
5.7.3 Perfection of Security for  
credit facilities, Deed of  
Assignment, Deed of Release  
etc.  
Cost recovery  
Issuance of Withdrawal  
Booklet/Passbook  
5.8  
5.9  
Cost recovery  
Negotiable  
Customized Deposit Booklet  
Over-the-counter Cash  
Withdrawals below the limit set  
by the CBN cash  
5.10  
No charge  
withdrawal/lodgment policy  
Intra-bank Cash  
5.11 Deposits/withdrawals within CBN No charge  
approved limits  
Minimum Amount for Opening  
Accounts  
5.12  
Subject to the CBN three-tiered KYC requirements  
Cost of Cheque Books:  
5.13 Cheque Books  
Cost recovery  
Counter Cheque  
N100 per leaflet  
Negotiable (only applies where there is a written  
advisory/consultancy agreement between the bank  
and the customer)  
5.14 Advisory/Consultancy fee  
5.15 Cashless Policy  
Cash deposit - 2% for transactions above N500,000  
Cash withrawal - 3% for transactions above N500,000  
11.18.1 Individual  
Page 51 of 75  
DESCRIPTION  
RATE  
Cash deposit - 3% for transactions above N3,000,000  
11.18.2 Corporate  
Cash withrawal - 5% for transactions above  
N3,000,000  
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Page 52 of 75  
PART 2 (C): FINANCE COMPANIES  
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Page 53 of 75  
 
SECTION 1: INTEREST ON BORROWINGS  
DESCRIPTION  
Borrowings  
RATE  
1.1  
Negotiable  
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Page 54 of 75  
 
SECTION 2: INTEREST RATES AND LENDING FEES  
DESCRIPTION  
RATE  
Interest Rate on Loans and  
Advances  
2.1  
Negotiable  
Lending Fees  
2.2.1 Management fee1  
covering processing, appraisal,  
ancillary and other related fees  
on a new loan application (one-  
off charge).  
Negotiable subject to maximum of 1% of the  
principal amount disbursed (one off charge).  
2.2.2 Facility Enhancement Fee  
Negotiable subject to maximum of 1% of the  
additional amount disbursed (one off charge).  
(Where enhancement fee  
applies, management fee shall  
not apply)  
2.2.3 Restructuring Fee (For  
restructuring at the instance of  
customer)  
2.2  
Negotiable, subject to a maximum of 0.5% on the  
outstanding amount being restructured (one off  
Where restructuring fee applies, charge).  
management fee shall not  
apply)  
Maximum of 1% flat per month on unpaid amount in  
addition to charging current rate of interest on  
outstanding debt (without prejudice to the provisions  
of the Prudential Guidelines on the limitation of  
accruals)  
2.2.4 Penal Rate for late  
repayment of loans2  
2.2.5 Commitment Fee  
Negotiable, subject to a maximum of 1% of the  
Undisbursed amount (one-off charge)  
1 Management fee is chargeable on all fresh requests and renewals of expired facilities. No charges for  
requests declined  
2 Seven (7) days grace period shall be allowed before penal charge shall be applied on the  
account. For the avoidance of doubt, there is no forbearance of penal charge for the duration  
of the grace period  
Page 55 of 75  
 
DESCRIPTION  
Credit Reference Reports3  
Charges for Consortium Lending  
2.5.1 Agency Fee  
RATE  
2.4  
2.5  
Cost recovery  
Negotiable  
Negotiable subject to a maximum of 1% of principal  
amount (one-off charge)  
2.5.2 Management Fee  
2.5.3 Commitment/Non-Drawing Negotiable subject to a maximum of 1% of the  
Fee  
undisbursed amount  
2.5.4 Commission Charges for  
Underwriting Services  
Negotiable  
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3 This is applicable to only customer-induced credit reference reports. For loans granted, this cost would be  
part of the management fee and therefore, the customer should not be charged. For credits not granted  
as a result of negative credit report, full cost recovery should be borne by the customer.  
Page 56 of 75  
SECTION 3: MISCELLANEOUS  
DESCRIPTION  
RATE  
Exact Premium  
Insurance Premium paid on  
behalf of customers  
(Customer to choose from a list of at least 3  
Insurance Companies to be recommended by the  
bank)  
3.1  
3.2  
Business Visit  
No charge  
Verification of Customers’  
Documents with Government  
Agencies:  
3.3.1 Search at Corporate Affairs  
Commission (CAC), land  
registry, Legal Search, etc.  
3.3  
Cost recovery  
Cost recovery  
3.3.2 Obtaining Certified True  
Copy (CTC)  
3.3.3 Perfection of Security for  
Credit Facilities, Deed of  
Assignment, Deed of Release,  
etc.  
Cost recovery  
Negotiable. The fee only applies where there is a  
written advisory/consultancy agreement between  
the finance company and the customer  
3.3  
3.4  
Advisory/Consultancy Fee  
Cashless Policy  
Cash deposit - 2% for transactions above N500,000  
Cash withrawal - 3% for transactions above N500,000  
Cash deposit - 3% for transactions above N3,000,000  
11.18.1 Individual  
11.18.2 Corporate  
Cash withrawal - 5% for transactions above  
N3,000,000  
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Page 57 of 75  
 
PART 3: MOBILE MONEY OPERATORS  
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SECTION 1: AGENT-INITIATED TRANSACTIONS  
MOBILE PAYMENT  
RATE  
TRANSACTION/REQUEST  
Cash-in (Deposit into Mobile  
Money Operator Wallet)  
1.1  
1.2  
1.1.1 On-Us Agent (borne by  
customer)  
N100  
1.1.2 Off-Us Agent (borne by  
customer)  
Minimum of N50 subject to 1.5% of transaction value  
or N500, whichever is lower  
Intra-Scheme Money Transfer  
Minimum of N50 subject to 1% of transaction value  
or N300, whichever is lower  
1.2.1 Sending to Account Holder  
1.2.2 Sending to Non-Account  
Holder  
Minimum of N50 subject to 1.5% of transaction value  
or N500, whichever is lower  
Inter-Scheme Money Transfer  
(from one mobile money  
operator to another mobile  
money operator or financial  
institution)  
1.3  
Negotiable  
1.4  
1.5  
1.6  
1.7  
Bill Payment  
N100  
Cash-out  
No charge  
No charge  
Cost recovery  
Account Opening  
BVN Verification  
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Page 59 of 75  
 
SECTION 2: SELF-SERVICE, CUSTOMER INITIATED  
TRANSACTIONS  
MOBILE PAYMENT CUSTOMER  
RATE  
TRANSACTION/REQUEST  
Cash-in (Deposit into MPO  
2.1  
2.2  
Wallet)  
N20  
Customer Initiated Direct Debit  
from Bank Account  
Intra-Scheme Money Transfer  
2.2.1 To Account Holder  
N100  
Minimum of N50 subject to 1.5% of transaction value  
or N500, whichever is lower  
2.2.2 To Non-Account Holder  
Inter-Scheme Money Transfer  
(from one mobile money  
operator to another mobile  
money operator or financial  
institution)  
2.3  
N100  
N100  
2.4  
2.5  
2.6  
Bill Payment  
Cash-out (to be borne by  
sender)  
Minimum of N50 subject to 1% of transaction value  
or N500, whichever is lower  
Account Opening  
Bulk Payments  
No charge  
2.7  
Minimum of N100 subject to 1% of transaction value  
or N300, whichever is lower  
2.7.1 To Account Holder  
Minimum of N150 subject to 1% of transaction value  
or N500, whichever is lower  
2.7.2 To Non-Account Holder  
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Page 60 of 75  
 
SECTION 3: OTHER TRANSACTIONS  
MOBILE PAYMENT CUSTOMER  
TRANSACTION/REQUEST  
RATE  
3.1  
3.2  
Hardware Token  
N2,500 (one- off)  
No charge.  
Software Token  
However, where the OTP is sent to the customer via  
SMS, charges will be on cost recovery basis  
Mobile Payment Card Issuance  
Fee  
3.3  
3.4  
N1,000  
N1,000  
Mobile Payment Card Renewal  
Fee  
(upon expiry of existing card)  
Mobile Payment Card  
Replacement Fee  
3.5  
N1,000  
(at customer’s instance for lost  
or damaged cards)  
SMS Alerts  
3.6  
3.7  
3.8  
Cost recovery  
No charge  
No charge  
PIN Reissue  
PIN Reset  
Use of Unstructured  
Supplementary Service Data  
(USSD)  
3.9  
Current NIP charges apply  
Monthly Issuance of Statement  
of Account  
3.10  
3.11  
No charge  
N200  
Special Request for Statement of  
ABillccount  
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Page 61 of 75  
 
PART 4 GLOSSARY  
TERMS  
DEFINITION  
An irrevocable commitment by a bank on behalf of its customer to  
Payment secure upfront payments made to the customer by a third party or  
principal for a contract awarded to the customer in line with the terms  
ofthecontract.  
Advance  
Guarantee  
Thisisacommissionearnedbyabankfor verifyingtheauthenticityofa  
letter of credit and for delivering same to the beneficiary. Usually, the  
bankthatperformsthisfunctionisbasedintheexporter’scountryandis  
calledtheAdvisingbank.  
AdvisingCommission  
Fees charged by financial institutions where there is an agreement for  
advisory/consultancyservices.  
Advisory/Consultancyfees  
AgencyFee  
Moneypaidtoamemberofthesyndicateinaconsortium/syndicated  
lending arrangement for acting as agent of other members of the  
syndicate.  
Feecharged for modifying the terms of a letter ofcredit/Form M at the  
instanceoftheapplicant.  
AmendmentFee  
BankGuarantee  
Anirrevocableundertakingofabankthattheliabilitiesofadebtor(e.g.  
thebank’scustomer)wouldbemet.  
BA is a promissory note which is drawn on and accepted by a bank.  
It specifiestheamount,thedate,andthepersontowhichthepayment  
istobemade.  
BankersAcceptance(BA)  
This is a guarantee issued by a third party, usually a bank, to a principal  
(the client) on behalf of a contractor (a bank’s customer) that the  
contractor hasthefinancial capacitytoexecutethecontract.  
Bid bond/Tender Security/Bid  
Security  
ApaymentmodeforInternationalTradewheretransactiondocuments  
aresentbytheseller’sbanktothebuyer’sbankagainstwhichpayment  
or acceptance are made by the buyer, before shipping documents  
are released. In a Bill for Collection Against Acceptance, a bank  
releases document to the buyer on acceptance of the bills of  
exchange/draft while in a Bill for Collection against Payment, the bank  
releasesdocumentstothebuyer uponpayment.  
Billsfor Collection  
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TERMS  
DEFINITION  
Aprocessofe-bankingusedbyfinancialinstitutionstocollectpayments  
for utilities (such as public utility, cable subscriptions, etc.) on behalf of  
their customers.  
BillsPayment  
Bulkpayment  
This involves payment to multiple beneficiaries.  
Fee charged by bank for issuance of a plastic payment card (such as  
debit/credit prepaid cards) that allows a cardholder access to his/her  
bankaccount.  
CardIssuancefee  
Anegotiable instrumentdrawn on abank topaya specific amount of  
money to a named beneficiary upon demand or specified date.  
ExamplesincludeBillsofexchange, draftsetc.  
Cheque  
Collection  
Cheques  
Charge  
on Fee charged by a bank for collection of proceeds of foreign cheques  
onbehalfoftheir customers.  
AcommercialPaperisashorttermdebtfinancinginstrumentissuedby  
acompanywhichcanbereadilytraded.Suchinstrumentsmayormay  
notcarryabank’sguarantee.  
Commercial Papers  
CommitmentFees  
Afeechargedbyafinancialinstitutionforanunusedcreditlinein order  
to keep the line of credit open.  
This is a commission charged by a bank for verifying the authenticity of  
an LC and for adding its name to the LC. Confirmation is normally  
addedattherequestoftheIssuingBank.  
CommissiononConfirmation  
ofLC  
Itisthebankthataddsitsconfirmationtoacreditupontheissuingbank's  
authorizationor request  
ConfirmingBank  
Consortiumlendingis a type of financing arrangement in which two or  
morebankscometogether tojointlyfinanceasingleborrower.  
ConsortiumLending  
ContingentLiability  
Counter Cheque  
A contingent liability is an obligation that may arise upon the  
occurrenceofspecifiedcondition(s)asindicatedinacontract.  
This is a blank cheque provided to a customer whose cheque is not  
availableatthepointofwithdrawal fromthecurrentaccount.  
A credit reference report provides a snapshot of a borrower’s credit  
accounts and repayment record. It is generally used to determine the  
creditworthinessoftheborrower.  
CreditReferenceReport  
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TERMS  
DEFINITION  
This is a monthly fee chargeable on current accounts based on the  
level of customer-induced debit transactions that occurred in the  
accountduringthemonth.  
CurrentAccount  
MaintenanceFee(CAMF)  
This fee is not applicable to all bank-induced debits and  
customer-induced transfers to other accounts in the same  
name and in the same bank.  
These are money market instruments that are issued at less than their  
facevalueandareredeemedattheir facevalueuponmaturity.  
DiscountableInstruments  
DomiciliaryAccount  
Domiciliary Account is a bank account denominated in foreign  
currencyandcanbecurrentor savings account.  
Anarrangementthroughwhichtheownerofanequipment(lessor,e.g.  
a bank) conveys the right to use the equipment to another party (the  
lessee, e.g. a bank’scustomer)for a specifiedperiodoftime (thelease  
term)andfor specifiedperiodic payments(leaserental).  
EquipmentLeasing  
A commission charged by a bank for initiating a letter of credit on  
behalfofacustomer.  
EstablishmentCommission  
FacilityEnhancementFee  
This is a fee charged where there is an agreement for additional  
amount to be extended to a customer within the same tenor as an  
existingfacility.  
FacilityRestructuringFeeisafeechargedwherethereisanagreement  
tochangethetermsandconditionsofanexistingfacility.Thiswillusually  
applywhenthereisneedtorenegotiateafacility.  
FacilityRestructuringfee  
Financial Policy and Regulation Department A department in the  
CBN.  
FPRD  
An undertaking given to compensate for (or to provide protection  
against)loss, incurredpenaltyor fromacontingentliability.  
Indemnities  
A written undertaking by a bank on behalf of the importer (buyer) to  
pay specified sum in specified currency, provided the exporter (seller)  
meetsspecifiedconditionandsubmittheprescribeddocumentswithin  
afixedtimeframe.  
Letter ofCredit  
The last day the beneficiary of a letter of credit (usually the exporter)  
should fulfil the terms of the credit, failing which (and in the absence of  
anextensionor renewal)theletter ofcreditbecomesinvalid.  
LettersofCreditExpiryDate  
Page 64 of 75  
TERMS  
DEFINITION  
This is a fee charged by a bank for processing an application  
for a facility and for the general administration of the facility  
over its lifetime. It is chargeable only once in the life of a facility.  
ManagementFee  
This is the policy rate set by the Monetary Policy Committee to anchor  
interestratedirectionintheeconomy.  
MPR (MonetaryPolicyRate)  
Negotiable  
This refers to a rate that is open to discussion between a financial  
institutionanditscustomer.  
Negotiation means the giving of value for draft(s) and/or document(s)  
by the bank authorized to negotiate. Mere examination of the  
documentswithoutgivingvaluedoesnotconstituteanegotiation.  
NegotiationofDocuments  
NHF Loan  
One-Off  
National HousingFundLoan.  
This refers to fees/obligations that are non-recurring i.e.  
payable only once during the tenor of a facility.  
This is a loan arrangement where a bank allows a current account  
customer to make withdrawals above the balance in the account up  
toacertainlimit.  
OD (Overdraft)  
PastDue  
Bill orloanthathasnotbeenpaidonthematuritydate/duedate.  
This is the interest rate that financial institutions charge customers for  
failing to make payments on loans and advances as at when due. It is  
chargedinadditiontotheagreedinterestrate(s).  
Penal Rate  
Thisistheprocessofregisteringafinancial institution’sinterestinanasset  
held as collateral with the appropriate statutory authority so that it is  
madelegallyenforceableintheeventofdefault.  
PerfectionofSecurity  
PerformanceBond  
This is a guarantee issued by a third party, usually a bank, to a principal  
(theclient)onbehalfofacontractor(abank’scustomer)againstfailure  
ofthecontractor tomeetobligationsspecifiedinthecontract.  
Official approval or confirmation of a document after a change has  
beeneffectedonthesamedocument.  
RevalidationofDocuments  
RTGS  
Real TimeGrossSettlementSystem  
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TERMS  
DEFINITION  
Thisisabillofexchangewhichispayableonpresentationtothedrawee  
i.e. ondemand.  
Sightbill  
StatusEnquiry  
SWIFT  
Society for Worldwide Interbank Financial Telecommunication (SWIFT)  
provides a network to allow financial and non-financial institutions (e.g.  
corporates) to transfer financial transactions through a 'financial  
message'  
Awrittenundertakingbyathirdparty(suchasabank),onbehalfofone  
Cheque of the parties (the first party) to a transaction or contract, to cover the  
other party (the second party) against specific loss or damage arising  
fromdishonouringthechequeofthefirstparty.  
Third  
Indemnities  
Party  
This is a bill of exchange which allows the drawee have a period of  
credit.Thetermcanbeginfromthedateofthebillofladingorfromthe  
dateofacceptancebythedraweeandisstatedindaysor months.  
UsanceBill  
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Page 66 of 75  
PART 5 - MINIMUM DISCLOSURE REQUIREMENTS IN  
OFFER LETTERS FOR CREDIT FACILITIES/LOANS  
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Page 67 of 75  
 
GENERAL REQUIREMENTS  
S/N  
1
Name of borrower  
This includes the name of the borrower.  
This should clearly state the address (location),  
telephone number, email, etc. of the borrower.  
2
3
Contact details of the borrower  
This states the type of facility approved for the  
borrower.  
Credit type  
This states the reason for which the facility is  
granted.  
4
5
Purpose of the credit  
Amount  
This is the amount approved for the facility.  
The bank should disclose the asset pledged by  
the borrower as security for the facility (e.g.  
shares, landed property, cash, etc.).  
6
7
8
Collateral  
This spells out the approved duration for the  
facility.  
Loan tenor  
Interest rate  
This is the annual interest rate to be charged by  
the bank on the amount outstanding (except  
for overdrafts).  
This should clearly state the possibility of  
changes in rates in line with money market  
conditions. It should include notification and  
time lines for concurrence by customers to the  
changes. The new rates (both increase and  
decrease) can only apply 10 days after the  
notification. The variable rate information  
should also outline the bank’s responsibilities in  
the event of such movements in rates.  
9
Variable rate information  
The fees and commissions are as contained in  
the Guide. These should be stated in  
percentage and Naira terms.  
10  
11  
Fees and commissions  
Repayment terms  
This should state the frequency (i.e. monthly,  
quarterly, bullet etc.) of repayment of principal  
and interest on outstanding balance. It should  
Page 68 of 75  
 
also state the date on which the repayments  
fall due.  
The bank should provide in details, the periodic  
amounts to be repaid by the borrower within  
the tenor of the facility.  
12  
13  
14  
Repayment schedule  
Early Liquidation Terms  
Late repayment  
This includes all information the borrower needs  
to know, including rights/obligations, or  
penalties, in the event of liquidation of the  
facility, before the expiry date, in line with  
Guide.  
This should detail all penalties that will be borne  
by the borrower in the event of default, in line  
with the Guide.  
a. Seven (7) days shall be allowed within  
which there will be no penal charge on  
late repayments.  
b. Seven (7) days from the date of  
execution, shall be allowed within which  
loan contracts can be rescinded.  
15  
16  
Grace period  
Insurance requirements (where The bank is expected to disclose the nature of  
applicable)  
insurance policy required for the facility.  
This details all requirements which must be  
fulfilled by the borrower before drawdown on  
the facility. Such information includes the  
submission of Insurance documents, receipt by  
the bank of collateral documentation,  
execution of loan offer letter, etc.  
17  
Conditions precedent to drawdown  
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Page 69 of 75  
CONSUMER LOANS  
This encompasses the various types of loans given to individuals either to finance the  
acquisition of an asset or to execute personal projects. Some of these loans are  
unsecured and are based on the borrower’s ability to repay.  
(a) Unsecured personal loans;  
(b) Secured personal loans;  
(c) Computer loans;  
(d) Auto loans;  
(e) Other forms of bridging finance availed to borrowers.  
S/N  
DISCLOSURE REQUIREMENT  
This includes the name, address and day-time  
contact details of the borrower.  
1
Name and address of creditor  
This states the consumer good(s) to which the bank  
is financing.  
2
3
4
Item financed  
This gives a breakdown of the item(s) being  
financed.  
Itemization of amount financed  
Annual percentage rate (APR)  
This is the interest rate which will be charged by the  
bank on the amount disbursed.  
This should clearly state the possibility of increase in  
rates in line with money market conditions. It should  
also outline the bank’s responsibilities in the event of  
a movement in rates, including the means and  
timing of its notification to the customer.  
5
6
7
Variable rate information  
Payment schedule  
The bank should also disclose with details, all  
necessary repayment information including the  
monthly, quarterly or other repayment sums as was  
agreed with the borrower.  
This includes all information the borrower needs to  
know during the consummation of the facility, such  
as the customer’s rights (and penalties) in the event  
of his decision to pay off the facility before its  
expiration, etc.  
Prepayment Terms  
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This should detail all penalties that will be suffered by  
the borrower in the event of default.  
8
Late payment policy  
Collateral  
The bank will be required to disclose the property,  
goods, shares and/or other assets pledged by the  
borrower as security for the facility.  
9
Insurance requirements (where  
applicable)  
The bank is expected to disclose the nature of  
insurance policy required for the facility.  
10  
This includes all information the borrower needs to  
know before the consummation of the facility, which  
includes information such as the bank’s right to call  
in the facility (in the event of certain occurrences),  
etc.  
11  
12  
13  
Repayment terms  
Loan tenor  
This spells out the approved duration for the facility.  
This details all requirements which must be fulfilled by  
the borrower before drawdown on the facility. Such  
information includes the submission of Insurance  
documents, perfection of collateral documentation,  
etc.  
Conditions precedent to  
drawdown  
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Page 71 of 75  
MORTGAGE LOANS  
S/N  
DISCLOSURE REQUIREMENT  
This includes the name, address and day-time  
contact details of the borrower.  
1
Name and address of creditor  
Description of the property  
financed  
This should describe location and other features of  
property being financed by the bank.  
2
3
4
Itemization of amount  
financed  
This gives a breakdown of the item(s) being  
financed.  
This is the interest rate which will be charged by  
the bank on the amount disbursed.  
Annual percentage rate (APR)  
This should clearly state the possibility of increase  
in rates in line with money market conditions. It  
should also outline the bank’s responsibilities in the  
event of a movement in rates, including the  
means and timing of its notification to the  
customer.  
5
Variable rate information  
The bank should also disclose with details, all  
necessary repayment information including the  
monthly, quarterly or other repayment sums as  
was agreed with the borrower.  
6
7
Payment schedule  
Prepayment Terms  
This includes all information the borrower needs to  
know during the consummation of the facility,  
such as the customer’s rights (and penalties) in the  
event of his decision to pay off the facility before  
its expiration, etc.  
This should detail all penalties that will be suffered  
by the borrower in the event of default.  
8
Late payment policy  
Collateral  
Usually, the security for the loan is the property  
being financed.  
9
Insurance requirements  
(where applicable)  
The bank is expected to disclose the nature of  
insurance policy required for the facility.  
10  
This includes all information the borrower needs to  
know before the consummation of the facility,  
which includes information such as the bank’s  
11  
Repayment terms  
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right to call in the facility (in the event of certain  
occurrences), etc.  
This spells out the approved duration for the  
facility.  
12  
13  
Loan tenure  
This details all requirements which must be fulfilled  
by the borrower before drawdown on the facility.  
Such information includes the submission of  
Insurance documents, perfection of collateral  
documentation, etc.  
Conditions precedent to  
drawdown  
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Page 73 of 75  
OVERDRAFTS  
S/N  
DISCLOSURE REQUIREMENT  
This includes the name, address and day-time contact  
details of the borrower.  
1
Name and address of creditor  
This should describe the customer’s needs which the  
overdraft is aimed to finance.  
2
3
4
Reason for the loan  
Overdraft limits  
The limits on the OD line should be clearly stated.  
This is the interest rate which will be charged by the  
bank on the amount disbursed.  
Annual percentage rate (APR)  
This should clearly state the possibility of increase in  
rates in line with money market conditions. It should  
also outline the bank’s responsibilities in the event of a  
movement in rates, including the means and timing of  
its notification to the customer.  
5
Variable rate information  
This should detail all penalties that will be suffered by  
the borrower in the event of default.  
6
7
8
Late payment policy  
Collateral  
Usually, the security for the loan should be clearly  
stated.  
Insurance requirements (where The bank is expected to disclose the nature of  
applicable)  
insurance policy required for the facility.  
This includes all information the borrower needs to  
know before the consummation of the facility, which  
includes information such as the bank’s right to call in  
the facility (in the event of certain occurrences), etc.  
9
Repayment terms  
Loan tenure  
10  
This spells out the approved duration for the facility.  
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Page 74 of 75  
 
MINIMUM DISCLOSURE REQUIREMENTS FOR CONTINGENT  
LIABILITIES  
PRODUCTS  
DISCLOSURE REQUIREMENTS  
- Bank should issue offer letter stating all terms  
and conditions;  
- Where customer provides cash Place in an  
investment account at an agreed rate;  
- Where bank provides funds Parties should  
agree on a rate and other transaction  
dynamics  
Bid Bond  
- Issue offer letter stating all terms and conditions,  
based on risk assessment  
Performance Bond  
- Issue offer letter stating all terms and conditions,  
specifically utilization of proceeds to be  
received;  
Advance Payment Guarantee  
- Appointment of quantity surveyor/expert  
- Issue offer letter stating all terms and conditions,  
most importantly when risk crystallizes;  
- Where customer provides cash Place in an  
investment account at an agreed rate.  
- Issue offer letter stating all terms and conditions  
and specify when risk crystallizes.  
Bank Guarantee  
Indemnities  
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Page 75 of 75